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What happens to an existing car loan if I were to buy another car?
I bought a car in 2003 and owe about $8000 on it but am thinking of buying a new one. What will happen to my existing loan if I were to buy a new car? I would still owe that right? Would they just add that amount to a new loan amount? I'm confused about how this works. Please help!
I just did this in January..they will give you so much for you're car and take that amount off what you owe for the loan on you're old car. then the rest is payed off by them but they add it onto the car you're buying. i owed 7200 and they gave me 4500 so they added on 2700 to the car i was buying.
You'll want to check these guys out.....
http://www.123thebest.info/go.php?link=auto
Hope that helps.
vareeabull
You have to pay it off.
Is your car worth that much?
The dealer you are buying your new car from will probably give you the amount for trade-in but no matter what you will be stuck paying for it.
christianpmc2002
You would still owe on the old loan as well.
Your loan doesn't just go away because you bought a new car.
Kadar
Sometimes the car dealership will buy out your old loan and add it to the amount you pay on the new loan, other times you are stuck paying both loans, so be sure to make sure the deal when you are talking to the car salesman
tenaciousd
You will get a new loan for your new car. If you're trading in your old car your trade in value will pay off the old loan and hopefully give you a little extra to add to the balance of your new car. If you can't get enough for you old one to pay it off, you shouldn't trade it in because you're getting ripped off but if you do, you will have to pay the balance of the loan yourself. Obviously if you keep that old car and get a new one you will have 2 loans to pay off. They will not add a new car loan to an old one.